Borrower Credit Profile Authorization

By clicking the check box following this notice and continuing with the application process, you understand and agree that you are authorizing WebBank, Member FDIC, and LendingClub Corporation ("LendingClub") to each obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian, and Equifax.

You also authorize WebBank and LendingClub to verify information in your application, and you agree that WebBank or LendingClub may contact third parties to verify any such information.

WebBank or LendingClub may use your consumer reports to authenticate your identity, to make credit decisions, to administer the resale of Member Payment Dependent Notes ("MPDNs") associated with your loan, which process is described here, and for related purposes. You direct WebBank and LendingClub to provide on your behalf certain elements of your application, as well as consumer report information, but not including your name, to users of the LendingClub.com website who are registered as investor members ("Investor Members") to use this information in making decisions whether to commit funds to purchase MPDNs. Such Investor Member decisions, in turn, may assist WebBank in making decisions related to your loan. You also authorize LendingClub to provide such information to Investor Members in connection with the resale of MPDNs associated with your loan.

You authorize WebBank and LendingClub to obtain consumer reports each time you request a loan, during the processing or closing of a loan to you, or at various times during the term of your loan in connection with the servicing, monitoring, collection or enforcement of the loan or the resale or potential resale of any MPDNs associated with the loan. You authorize and agree that WebBank or Lending Club may transfer or otherwise provide your credit report or any information contained therein to any successor-in-interest of WebBank or Lending Club or any purchaser of your issued loan, whether in whole or in part.

Checking your rate and reviewing loan offers on the LendingClub website will not affect your credit; it will result in a soft credit inquiry which is only visible to you. If you receive a loan through LendingClub, then a hard inquiry will appear on your credit report after you receive that loan.

Financial Innovation

If Lending Club’s expansion succeeds, it’s more likely that it will be the company that hooks you up when it’s time to buy that new car, send the kid to college, or pay off that high-interest credit card. And those with money to save will be more likely to lend it out for vastly better interest than the near-zero rates that bank savings accounts offer today.

San Jose Mercury News

Featured Borrower

Adrian

"Not only was my interest rate much lower, the process was so easy– all online with no need to physically go to the bank to fill out even more paperwork."